Q1. Explain how a firm in monopolistic competition determines its price and output in the short run and the long run.

Q2. Explain why advertising costs are high and why firms in monopolistic competition use brand names.

Q3. Use game theory to explain how price and output are determined in oligopoly.

Q4. Describe the antitrust laws that regulate oligopoly.

Q5. Explain how wage rates and employment are determined.

Q6. Explain how capital and land rental rates and natural resource prices are determined.